Regardless of whether you are a "beginner" or an "expert" on saving money, there are always new tricks that you can learn to start saving even more. Sometimes you have to trick your brain to start collecting saving money. And sometimes, you just need some rules.
1. Improve your connection with money
When looking for good ways to save money, you should first evaluate your relationship with it. In his book "You Are a Badass at Making Money", author Jan Sincero suggests that you write a letter to the money. Analyze whether these words are positive or negative, and then rewrite negative words. Your relationship with money is just like any other relationship, you have to nourish it to grow. Write as many letters as needed to make your relationship stronger.
2. Start small
You cannot become an expert in saving money overnight, you need to start with small amounts. Try installing an app for saving (such as Money Manager) to start your venture. It counts up every purchase to the cent and saves extra money. There are also apps with fun money saving rules, such as "spend less," so whenever you spend less than, for example, 100 euros a week, the rest of your weekly budget goes to your savings.
3. Sleep on it
Without proper sleep, your decision-making skills are reduced and chances for riskier financial behavior are emerging. When you are thinking about big shopping, go to bed early, especially if you are planning to buy big and valuable items. When you sleep, your unconscious mind is processing information from the previous day and analyzing them while you are dreaming. When you wake up, if you are still thinking about spending money, it may happen that you will reconsider it unconsciously.
4. Pretend you have less
You do not know what you have until it disappears, which is why pretending you have less can be a creative way to save money. Set the automatic transfer of money from your current account to your savings account, so everything that remains for you in one month will immediately go to savings. Take advantage of all the available funds for getting into an additional pension fund. In addition, you can open a savings account in a separate bank so that you are not tempted to transfer money to your current account.
5. Set measuring systems
If you are considering creative ways to save money, try combining your savings with other life goals such as improving your health. Say, you decide to lose 15 kilos or you want to start training every day for at least a month. Then stick to these plans and once you achieve your goal, treat yourself with something nice. In the meantime, start saving money until you reach that goal, spending part of the money saved (which you have saved at that time) for what you will be treated with. This is a pretty big motivation.
6. Foreigner test
If you're still not sure if your next purchase is really worth it, try the "side" test. Imagine a picture of a foreigner (person you do not know) who holds in one hand what you intend to buy (a new pair of shoes), and in the other hand, the money you intend to spend. If it looks like you're lured to that shopping and it’s unnecessary, then you should probably skip it and save money.
7. Remove your competition valve
Join the challenge of saving that will motivate you to save more money. Sprint with short-term savings can be everything you need to increase your emergency fund, and the date you plan to accumulate can help you reach your goal. You can also try the 52-week saving challenge. Save one euro each week of the year. Which means you have € 52 saved by the end of the year. The amount you set aside for savings is small, but in the end you get a sum that is not negligible.
8. Rationalize your purchases
Time is money, and money is equal to time. Instead of thinking about buying as a monetary transaction, consider it as the consumption of your time. For example, if you want to buy several perfumes in the amount of 100 euros, it costs you 20 euros per hour. Is five hours of your time worth this perfume?
9. Visualize your goals
Visualizing your goals can sound like a "new age," but there is evidence that says it really works. Athletes, for example, use images to visualize a perfect jump, race, or kick, and you can use visualization to motivate you to save money. First, imagine what you want to save, then imagine how to efficiently save (such as separating a certain amount from each plate). When your thoughts become habits, you will start to efficiently save.
10. Automatize your accounts
Other effective ways to save money include automating your accounts and costs by scheduling periodic payments. Then, go through last year's bank reports, add the total amount of money you spent on fees or overpayments, and commit to save the same amount on the savings account this year. Consider using automated account automation applications, which allows you to automate payment through the application, as well as carefully monitor the progress of your savings using reminders and consumption reports.